Park City Buyer Says $253,800 Deposit Is at Risk After The Ascent Default Notice

Brian Bacon says he thought he was buying into a secure Park City real estate project.

The location was strong. The project was publicly listed on Hilton’s website under Tapestry Collection by Hilton. Public listings also identified Summit Sotheby’s Realty in connection with the unit. For Bacon, those names mattered.

In 2021, Bacon says he signed a purchase agreement for Unit 205 at The Ascent Park City, a condo hotel project near Canyons Village. The listed purchase price was $561,090. He says he paid $253,800 between September and December of that year, equal to about 45 percent of the purchase price. Nearly five years later, Bacon says he still does not have the unit.

Instead, Bacon says buyers were notified this week that the project lender had initiated default proceedings. According to an email Bacon provided to Prism, buyers were told they may receive, or may already have received, a Notice of Default, and that a foreclosure sale was currently scheduled for July 22, 2026.

Prism has not independently reviewed the Notice of Default itself. The reported foreclosure date and default proceedings are based at this stage on the email Bacon says he received and on his account as a buyer.

For Bacon, the concern is simple. He says he paid more than a quarter million dollars into a branded Park City project, and now he does not know whether his deposit, his contract, or the future of the building is secure.

“I signed the contract to buy in this building because of the Hilton name and Sotheby’s name,” Bacon wrote in a message to Prism.

Bacon says he believes dozens of buyers may be in a similar position. Prism has not independently verified the number of affected buyers.

Public listings reviewed by Prism show Unit 205 at 4080 North Cooper Lane in Park City listed at $561,090, with Summit Sotheby’s Realty named on the listing and the unit marked as pending. Hilton’s website currently lists The Ascent Park City, Tapestry Collection by Hilton as coming soon, with reservations not yet available.

The project has been marketed in one of Utah’s most valuable resort markets. That is part of what makes the buyer concern so serious. This is not a forgotten parcel or a small private development. It is a visible Park City project connected in public marketing to major real estate and hospitality names.

The legal questions are more complicated. A publicly available form of The Ascent Park City purchase contract states that after the inspection period, deposits may become nonrefundable except in certain circumstances. The same form also states that the seller may commingle deposit funds with other seller funds and may use the deposit toward construction of the property. It also states that the seller is not required to place the deposit in a trust account or pay interest on it.

Another provision in the public form states that the buyer may not assign the agreement without the seller’s consent, while the seller may assign the agreement in its sole discretion.

Those provisions do not determine whether Bacon or any other buyer has a claim. They also do not prove that any party acted improperly. But they help explain why buyers may now need legal advice to understand what rights they still have if the project is in default.

Bacon says he did not understand that his deposit could be exposed in this way. He is now asking why a project marketed with major names could reach this point before buyers received their units.

Hilton’s role is one of the most visible parts of the story because the hotel is still publicly listed under Tapestry Collection by Hilton. But a brand affiliation does not necessarily mean Hilton owns the property, financed the project, controlled construction, or guaranteed buyer deposits.

Summit Sotheby’s role is also central to buyer perception. Bacon says the involvement of a Sotheby’s affiliated brokerage gave him confidence in the project. The email Bacon provided says Summit Sotheby’s had received notice that the lender initiated default proceedings and advised buyers to consult legal counsel and other professional advisers.

The email also stated that Summit Sotheby’s did not have information from the developer regarding the developer’s intentions, the timing of any potential cure, or the potential impact on pending purchase contracts.

Public county records reviewed by Prism appear to show multiple Summit County delinquent property tax entries tied to Beehive Hospitality Ascent PC LLC, an entity that appears in county records in connection with the Ascent property. Prism is not stating that those tax records caused the reported default, or that any specific person or entity committed wrongdoing.

For Bacon, the issue is immediate and personal. “I am about to lose $250K,” he wrote.

That outcome has not been established. The project may still be cured, refinanced, sold, completed, or resolved another way. The impact on pending buyer contracts remains unclear and may depend on the exact contracts, financing documents, foreclosure filings and Utah law. But the concern is now public.

A buyer who says he paid $253,800 into The Ascent Park City is asking how a project marketed under major hospitality and real estate names reached this stage before he received the unit he expected to own.

Prism is continuing to review records related to The Ascent Park City, including purchase documents, county property records and any Notice of Default connected to the project. This story may be updated as additional documents become available and as parties connected to the project respond.